Bitwise CIO Argues Bitcoin Cycle Is Breaking Down
Bitwise CIO Matt Hougan said Bitcoin is likely to depart from its historical four-year cycle, citing structural changes in macro conditions and institutional adoption.
Bitcoin is the first and most widely recognized cryptocurrency, created as a decentralized digital alternative to traditional money. It operates on a public blockchain that records all transactions transparently and immutably, without relying on banks or central authorities. Bitcoin introduced the concept of peer-to-peer digital value transfer, secured by cryptography and a global network of miners. Its fixed supply of 21 million coins is designed to make it scarce, often leading to comparisons with digital gold. Over time, Bitcoin has evolved from a niche experiment into a globally traded asset, widely used as a store of value, investment vehicle, and benchmark for the entire crypto market.
Bitwise CIO Matt Hougan said Bitcoin is likely to depart from its historical four-year cycle, citing structural changes in macro conditions and institutional adoption.
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